Irans Minister of Petroleum Bijan Zangeneh urged using oil recovery for boosting production and increasing the national wealth.

He made the remarks in a meeting with the Iranian university top officials on Wednesday.

Universities should attend the technical discussions on the newly devised oil contract model-aka Iran Petroleum Contract-Zangeneh said.

He added that the related departments of universities should attend the technical discussions for conclusion of future petroleum contracts in order to empower the country in reservoir engineering.

Zangeneh urged the Ministry of Petroleums affiliated companies to cooperate with universities and to facilitate their studies on development of oil fields.

Universities should play a key role in the future contracts that are going to be signed for development and recovery of oil and gas fields, the petroleum minister underlined.

He said that Iranian companies are experienced enough in drilling oil wells, establishing pipelines and construction production units but they have less experience in the field of oil recovery from the fields.

Oil recovery should become a national demand because it can increase the countrys wealth, Zangeneh added.

He said that the Ministry of Petroleum plans to increase the countrys revenues by raising production of oil, gas and the related products.

The Islamic Republic is ramping up oil production and reclaiming market share after the lifting of Western sanctions in January.

Iran has introduced a new model of petroleum contracts known as the Iran Petroleum Contract (IPC) to encourage foreign investment in the country.

The IPC, described as a hybrid model, will replace the buy-back contract. It is being touted as a risk service contract which includes integrated exploration, development and production.

Iran has been working on the IPC for the past two years in order to lure investment to its oil and gas sector.